§ 209. Issuance of certificate of authority
(a) If the Commissioner finds that an insurer has met the requirements for and is fully entitled thereto under this title, he shall issue to it a proper certificate of authority. If the Commissioner does not so find, the authority shall be refused within a reasonable length of time following completion by the insurer of […]
§ 210. Certificate of authority; expiration, renewal, amendment
(a) All certificates of authority shall expire on the 31st day of December next succeeding the date of issue or renewal, and if the insurer qualifies therefor its certificate shall be renewed annually for a period of not more than one year. (b) The Commissioner may amend a certificate of authority at any time in […]
§ 211. Certificate of authority; mandatory refusal, revocation, suspension
The Commissioner shall refuse to renew or shall revoke or suspend an insurer’s certificate of authority, in addition to other grounds therefor in this title, if the insurer— (1) is a foreign or alien insurer and no longer qualifies or meets the requirements of the authority; or, is a domestic mutual insurer, and fails to […]
§ 212. Certificate of authority; discretionary refusal, revocation, suspension
The Commissioner may refuse, suspend, or revoke an insurer’s certificate of authority, in addition to other grounds therefor in this title, if the insurer— (1) fails to comply with any provision of this title other than those for violation of which refusal, suspension, or revocation is mandatory, or fails to comply with any proper order […]
§ 213. Notice of intention to refuse, revoke or suspend
The Commissioner shall give an insurer notice of his intention to suspend, revoke, or refuse to renew its certificate of authority not less than ten days before the order of suspension, revocation or refusal is to become effective; except that no advance notice of intention is required where the order results from a domestic insurer’s […]
§ 214. Period of suspension
The Commissioner shall not suspend an insurer’s certificate of authority for a period in excess of one year, and he shall state in his order of suspension the period during which it shall be effective.
§ 215. Limitation upon reauthorization
No insurer whose certificate of authority has been suspended, revoked, or refused shall subsequently be authorized unless the grounds for such suspension, revocation, or refusal no longer exist and the insurer is otherwise fully qualified.
§ 201. Domestic, foreign, alien insurers defined
For the purposes of this title— (1) a “domestic” insurer is one formed under the laws of this territory; (2) a “foreign” insurer is an insurer which is organized under the laws of the United States, or of a state or territory of the United States other than this territory, or of the District of […]
§ 202. Certificate of authority required
(a) No person shall act as an insurer and no insurer shall transact insurance in this territory other than as authorized by a certificate of authority issued to it by the Commissioner and then in force; except as to such transactions as are expressly otherwise provided for in this title. (b) Every certificate of authority […]
§ 203. Certificate of authority, qualifications
To qualify for and hold a certificate of authority an insurer must — (1) be a stock or mutual insurer of the same general type as may be formed as a domestic insurer under the provisions of chapter 11 of this title; or be a Lloyd’s Insurer; (2) have capital funds as required by this […]